http://www.economist.com/news/finan...8433-early-evidence-french-tax-skimming-froth ...early evidence will reinforce the scepticism of countries like Sweden and Britain ...November 9th was the first tax-collection date....But so far there has been a deathly hush from the French Treasury and from Euroclear France, the central securities depositary which is acting as tax collector. ...the tax has changed investment patterns to the detriment of mid-sized firms.
Lithuania to Join EU Financial-Transaction Tax http://www.businessweek.com/news/20...eu-financial-transaction-tax-butkevicius-says
so assuming this post is still current, we can update it a bit. romania and lithuania both seem willing to vote yes now so you have definite yes from "the 11": austria (10), belgium (12), estonia (4), france (29), germany (29), greece (12), italy (29), portugal (12), slovakia (7), slovenia (4), spain (27). plus lithuania (7) and romania (14). definite no's from UK (29), Czech Rep (12), Sweden (10), Denmark (7), Ireland (7), Luxembourg (4), Malta (4), Finland (7). that's 80, we need 88. so that leaves 8 point that should come from hungary (12) is about to introduce its own ftt, so seems likely "yes", but then again. searching google suggest they have purposely introduced their own tax, and not joined the cooperation, because they don't like the set-up (and probably just want to keep proceeds for themselves). not a likely supporter for our case, but who knows. cyprus (4) seems like a likely no and should give us 4 of the 8 points we still need. they have always been negative, let's hope that doesn't change with the bailout package they might need from europe and the negotiations preceding that. poland (27). who knows really. netherlands (13). being dutch myself i know the fight isn't over yet. 1 of the 2 governmental parties has made strict conditions (and doesn't really want the tax at all), which likely won't be acceptable for the remainder of the EU. Assuming they won't flip-flop, the FTT-battle is definitely not decided yet. I'm not sure if that will mean they'll vote no though, I'm fearing they might vote yes (or abstain, if that's at all possible), but simply not join the cooperation for now. finally latvia (4). could be key player and google suggest they're not in favour yet, but again, who knows. edit, and i forgot bulgaria (10), this link from october still suggest a no. http://www.novinite.com/view_news.php?id=144428 anyway, sounds like it will come down to the last couple of points to decide this, but it's really not looking that bad. which also would explain why there hasn't been a vote yet.
Hi, I live in Latvia. It's impossible to know what they will vote. Politics is not as common among people here as in the West, so it's always difficult to know what is going on. However, my feeling is that they are against it, but on the other hand they receive a lot of money from the EU, so themight be "forced" to join. I have written letters to the minister of finance about FTT. They have replied and even invited me for meetings on other tax issues, but not on this one
Nice whip counting. Come on Poland! Really surprised Netherlands would vote with the socialists against the free market and finance. Hopefully, the Netherlands is strong enough to vote no against Franco German forces.
"imagine a world where the U.S. has lost its mantle as the chief draw for global capital. It's easy if you try. Investors, politicians and even a growing number of denizens on Main Street are coming to terms with the possibility that a solution to the U.S. "fiscal cliff" may not materialize. Yet other fundamental factors may be at work that could wreak even more long-term economic damage. Years of loose monetary policy - reinforced this week by the Federal Reserve's decision to expand its easing program - have sent stocks surging and created rock bottom interest rates. Yet a moribund jobs market, political paralysis, and expanding government regulation has created a vicious cycle where events are conspiring to dim the allure of all major U.S. assets. The uncertainty forces businesses to husband their cash rather than reinvest it in the economy, which makes conditions worse. All of which leads some observers to believe the wrangling over taxes and spending could have lasting ramifications for the U.S's long standing position as the destination of choice for international capital. Uneven growth, business stagnation and an increasingly polarized political climate could lead investors to sour irreversibly on the U.S. economy, some argue. Steven Roach, senior fellow at Yale University and the former non-executive chairman of Morgan Stanley, told CNBC that the U.S. "has gone through a difficult period" since the 2008 financial meltdown. Still, he faulted the economy's ongoing problems as part of what he called "scapegoating" by ordinary investors, politicians and some on Wall Street" _______________________ the FTT will be the stake in the heart to finish off american capital markets and american capitalism. remember hollywood, goldman, buffettt and soros are not your friends. fight the FTT with all your strength.
Estonian finmin apparently said that the tax is not being considered, yet they went along with Brussels' plans. I don't speak politics, so it's hard to say what's what here. My guess is Estonia will go along with it, as the country is known to not resist anything coming from Brussels. The few who are better equipped financially to handle this will use lawyers to circumvent the taxes if possible, for the rest of us it's "abandon ship" time.
I'm trying to figure what the tax would be in the S&P e-mini, one contract if the FTT were passed. If the S&P were at 1500, than the notional value of the contract is $75,000. So that means the tax, if it were .01 percent would be $7.50 per contract and 15.00 for round trip? That would shut the market down. Are my numbers right?
We need rock solid examples of how this so called "tiny tax" puts active traders out of business. My Forbes editor thought I was not credible when I wrote that and he rejected my FTT petition on my Forbes blog. Please get me the numbers I need to lay this out for people clearly. Thanks.